Donbasenergo Announces Preliminary Results For 2005.

Donbasenergo’s (DOEN: BUY) net income for 2005 was roughly USD 11.2 mln (compared to USD 1 mln in 2004) and the company received about USD 226 mln in revenue (27% growth yoy nominated in local currency). The company has increased its electricity output by 8% yoy. Concorde Capital: Both revenue and net income are higher than we forecasted. This is due to the increase in the price of electricity produced by the company and growth of additional surcharges to cover the costs of a loan for the reconstruction of a power unit. We support our BUY recommendation on DOEN.